TCRLA_Public/130820.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Tuesday, August 20, 2013, Vol. 14, No. 164


                            Headlines



B R A Z I L

BANCO MAXIMA: Poor Earnings Expectations Trigger Moody's Cuts
GOL LINHAS: Doubles Down its Effort to Cut Costs
VIVER INCORPORADORA: Reveals Quarter Ended June 30, 2013 Results


C A Y M A N  I S L A N D S

BAM ESPRESSO: Creditors' Proofs of Debt Due Sept. 12
BIGHORN INVESTMENTS: Creditors' Proofs of Debt Due Sept. 10
CAPE COLD: Placed Under Voluntary Wind-Up
CHATEAU PINNACLE: Commences Liquidation Proceedings
CIBC ARGENTINA: Commences Liquidation Proceedings

JAPAN VALUE: Creditors' Proofs of Debt Due Sept. 9
KINKIHOME REAL: Creditors' Proofs of Debt Due Sept. 12
KTBEST TECHNOLOGY: Creditors' Proofs of Debt Due Sept. 3
MISTRAL INC: Creditors' Proofs of Debt Due Sept. 10
NIAGARA CAYMAN: Creditors' Proofs of Debt Due Sept. 2

NIAGARA CAYMAN: Members' Final Meeting Set for Sept. 3
ONSLOW MACRO: Creditors' Proofs of Debt Due Sept. 3
SB MADAGASCAR: Creditors' Proofs of Debt Due Sept. 2
STG MANAGEMENT: Creditors' Proofs of Debt Due Sept. 11
VINTNERS LONDON: Creditors' Proofs of Debt Due Sept. 9

WAM FIXED: Shareholder to Hear Wind-Up Report on Sept. 3


M E X I C O

INVERSIONES ALSACIA: Instability Cues Moody's to Cut Rating to B2


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


===========
B R A Z I L
===========


BANCO MAXIMA: Poor Earnings Expectations Trigger Moody's Cuts
-------------------------------------------------------------
Moody's Investors Service has lowered Banco Maxima S.A.'s baseline
credit assessment (BCA) to b3, from b2, and downgraded the bank's
long-term global local and foreign currency deposit ratings to B3,
from B2. At the same time, Moody's downgraded Maxima's Brazilian
national scale deposit ratings to Ba2.br and BR-4, from Baa3.br
and BR-3, long- and short-term, respectively. Moody's also
affirmed Maxima's bank financial strength at E+ and short-term
global local and foreign currency deposit ratings at Not Prime.
Moody's also placed a negative outlook on all ratings.

The following ratings of Banco Maxima were downgraded:

Long-term global local-currency deposit rating: to B3 from B2,
negative outlook

Long-term foreign-currency deposit rating: to B3 from B2, negative
outlook

Long and short-term Brazilian national scale deposit ratings: to
Ba2.br and BR-4 from Baa3.br and BR-3, negative outlook

The following ratings of Banco Maxima were affirmed:

Short-term global local-currency deposit rating of Not Prime

Short-term foreign-currency deposit rating of Not Prime

Bank financial strength of E+, negative outlook, which maps to a
standalone baseline credit assessment of b3

Ratings Rationale:

The lowering of Maxima's unsupported baseline credit assessment to
b3, from b2, reflects the weakening of its franchise value and
financial fundamentals, particularly profitability, and the
expectation that earnings will remain poor in 2013, as management
once again shifts its business focus. Following its exit and
divestment from payroll lending and asset management activities
over the past two years, Maxima is now focusing on residential
real estate financing and foreign exchange services, while it
gradually exits from commercial lending to mid-sized companies.
The ratings and negative outlook, therefore, incorporate the
earnings volatility that derive from an opportunistic business
strategy, the lack of scale, poor funding structure, and resulting
high operating and credit costs. The outlook also reflects the
risks involved in transitioning to a highly competitive market
segment, and the uncertain funding structure to support these new
long-term assets, which expose the bank's balance sheet to
maturity and interest rate mismatches.

At this juncture, revenues generation remains short of operating
expenses as well as of credit costs, which are still mostly
related to a waning commercial lending operation. While past
profitability indicators have been in part supported by gain on
sales of Maxima's payroll loans, we expect softer economic
conditions and increasing competition to add pressure on earnings
generation and therefore, capitalization, as the bank tries to
expand its real estate financing business. In part, Maxima's
strategy is to originate and sell mortgage and construction loans,
which would be less capital-consuming; nevertheless, the new
venture will increase Maxima's leverage, while exposing the bank
to increasing credit costs. As of December 2012, the bank's
capital ratio was 13.57%, still above the 11% minimum regulatory
requirement.

Moody's also noted Maxima's highly concentrated funding structure
and the dependence on more expensive deposits guaranteed by the
local deposit insurance corporation (known as DPGEs) for tenor
funding, which reflect in higher costs and constrain ratings. The
shift of its loan mix to longer tenor construction loans will
likely result in maturity and interest rates mismatches, given the
predominance of short-term funding in Maxima's liability and the
challenges it may face in accessing funding instruments that match
the tenor of its new loan book profile.

The last rating action on Maxima was on November 24, 2010, when
Moody's assigned Maxima bank financial strength of E+, which
mapped to a baseline credit assessment of b2, long- and short-term
global local and foreign currency deposit ratings of B2 and Not
Prime, and long- and short-term Brazilian national scale deposit
ratings of Baa3.br and BR-3. The outlook on all ratings was
stable.

The principal methodology used in rating this bank was "Global
Banks" published on May 31, 2013.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

Banco Maxima S.A. is headquartered in Rio de Janeiro, Brazil. As
of December 31, 2012, the bank had total assets of approximately
BRL513 million ($251 million) and equity of BRL61.9 million ($30.2
million).


GOL LINHAS: Doubles Down its Effort to Cut Costs
------------------------------------------------
Paulo Winterstein at 4-traders.com reports that Gol Linhas Aereas
Inteligentes doubled down its effort to cut costs and improve
margins, sticking by its forecast of improving operating margins
this year even as fuel costs are expected to reach record highs.

Gol Linhas reported a narrower loss in the second quarter on
rising revenue and lower costs, according to 4-traders.com.  The
report relates that the low-cost carrier saw a net loss of BRL433
million (US$191 million), compared with a loss of BRL715 million
in the year-earlier period.  The company also reported a negative
operating margin of 1.8% in the quarter, even if vastly improved
from the negative 19% margin seen in the year-earlier quarter, the
report relates.

"Our focus will be to continue improving our operational
efficiency," the report quoted Chief Executive Paulo Kakinoff, as
saying.

Fuel prices for the company will likely climb to a new record this
year, Mr. Kakinoff cautioned, the report notes.

The report discloses that rising oil prices, together with a
weaker Brazilian currency, will drive up the company's costs, Mr.
Kakinoff said.  In the second quarter, a weaker real led to BRL333
million in losses, or 77% of the company's net loss, he said, the
report relays.

4-traders.com relays that after paying BRL2.21 per liter of
aviation fuel in the second quarter, the company expects fuel
prices to rise to BRL2.7 per liter next month. For the year, the
company forecast average prices of BRL2.38-to-BRL2.48 per liter,
up slightly from a previous forecast of BRL2.3-to-BRL2.4 per
liter.

"Even with this additional deterioration, we are confirming the
guidance we gave at the start of the year, of having a 1% to 3%
positive operating margin. . . . We will compensate for this
deterioration [in fuel prices] with a reduction in other costs,"
the report quoted Mr. Kakinoff as saying.

The report notes that the company reduced its estimates for
operating costs excluding fuel.  The company now sees CASK -- or
the cost per seat per kilometer flown -- to end the year at
between 9.5 and 10 Brazilian centavos, down slightly from a
previous forecast of 9.7 to 10.3 centavos, the report discloses.

In the first half of this year, the company managed to keep CASK
at 9 centavos, Mr. Kakinoff said, so that gives the company some
breathing room in the second half to reach its cost-cutting goals,
notes the report.

The company maintained its forecast of cutting the number of
domestic flights by 9%, the report discloses.  The company is
cutting back on less profitable domestic routes to improve
margins, even as it increases international flights, the report
relates.

Gol said that in the second half it will study the opening of new
destinations in the U.S., which currently includes just Miami and
Orlando, the report discloses.  Mr. Kakinoff declined to say what
additional U.S. cities Gol may serve, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes.  Fitch also assigns a 'B+' rating to its foreign
and local currency long-term Issuer Default Ratings.


VIVER INCORPORADORA: Reveals Quarter Ended June 30, 2013 Results
----------------------------------------------------------------
4-traders.com reports that Viver Incorporadora e Construtora S.A.
disclosed its operating and financial results for the quarter
ended in June 30, 2013.

According to the report, the highlights include:

* Reduction over than 50% in general and administrative expenses
  considering the number of June annualized compared to 2012.
  Reduction of 31% compared to same period last year to R$13.6
  million in second quarter 2013.

* Receiving of approximately R$40 million relative to the first
  installment of the sale of "Lagoa dos Ingleses" land complex.
  The closing of the deal is in the final stage of structuring.

* Reduction of performance risk with "afetacao" of majority of the
  25 sites under construction and supplementation of construction
  financing.

* Large volume of deliveries, 80% of the construction portfolio
  being delivered in the next 18 months, adding R$718 million to
  performed receivables and R$242 million to delivered inventory
  in the period.

* Generating a positive operating cash flow with reduction of net
  debt of approximately R$6 million in second quarter 2013.

* Rollover for more than 18 months of CRIs in the amount of R$87.9
  million.

* Issuance of CRIs in the amount of R$60 million, with a three-
  year maturity and allocation of the funds for the rescheduling
  of corporate debt.

* Approval by Board of Directors the issuance of Debentures
  convertible into common shares of up to R$125 million.

                            *     *     *

As reported in the Troubled Company Reporter on June 27, 2013,
Moody's America Latina has downgraded Viver Incorporadora e
Construtora S.A.'s corporate family rating to Caa1 from B3 on the
global scale and to Caa1.br from B1.br on the Brazilian national
scale. Moody's also downgraded Viver's BRL300 million senior
secured debentures due in 2016 (First Issuance) to Caa1/Caa1.br
from B3/B1.br. The outlook for all ratings remains negative.


==========================
C A Y M A N  I S L A N D S
==========================


BAM ESPRESSO: Creditors' Proofs of Debt Due Sept. 12
----------------------------------------------------
The creditors of Bam Espresso Fund SPC are required to file their
proofs of debt by Sept. 12, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 29, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


BIGHORN INVESTMENTS: Creditors' Proofs of Debt Due Sept. 10
-----------------------------------------------------------
The creditors of Bighorn Investments Limited are required to file
their proofs of debt by Sept. 10, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2013.

The company's liquidator is:

           Intertrust SPV (Cayman) Limited
           190 Elgin Avenue, George Town
           Grand Cayman KY1-9005
           Cayman Islands
           c/o Kim Charaman/Jennifer Chailler
           Telephone: (345) 943 3100


CAPE COLD: Placed Under Voluntary Wind-Up
-----------------------------------------
On July 29, the shareholders of Cape Cold Investors resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

           Trident Liquidators (Cayman) Ltd
           c/o Mrs Eva Moore
           Trident Trust Company (Cayman) Limited
           Telephone: (345) 949 0880
           Facsimile: (345) 949 0881
           P.O. Box 847, George Town
           Grand Cayman KY1-1103
           Cayman Islands


CHATEAU PINNACLE: Commences Liquidation Proceedings
---------------------------------------------------
On July 25, 2013, the shareholders of Chateau Pinnacle passed a
resolution that voluntarily liquidates the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

           Stephen Nelson
           Telephone: (345) 949 4544
           Facsimile: (345) 949 8460
           Charles Adams Ritchie & Duckworth
           PO Box 709 Grand Cayman KY1-1107
           Cayman Islands


CIBC ARGENTINA: Commences Liquidation Proceedings
-------------------------------------------------
On July 29, 2013, the shareholders of CIBC Argentina Management II
LDC passed a resolution that voluntarily liquidates the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

           CIBC Private Equity Management, Inc.
           Kathryn Casparian/Peter Martin
           c/o CIBC World Markets Corp.
           425 Lexington Avenue, 2nd Floor
           New York 10017
           United States of America
           Telephone: +1 (416) 594 7506


JAPAN VALUE: Creditors' Proofs of Debt Due Sept. 9
--------------------------------------------------
The creditors of Japan Value Fund Limited are required to file
their proofs of debt by Sept. 9, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 25, 2013.

The company's liquidator is:

           A. Lawson
           PO Box 493 Grand Cayman KY1-1106
           Cayman Islands
           c/o Troy A. Whittaker
           Telephone: +1 (345) 914 4320/ +1 (345) 949 4800
           Facsimile: +1 (345) 949 7164
           P.O. Box 493


KINKIHOME REAL: Creditors' Proofs of Debt Due Sept. 12
------------------------------------------------------
The creditors of Kinkihome Real Estate Investment are required to
file their proofs of debt by Sept. 12, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 29, 2013.

The company's liquidators are:

           Samit Ghosh
           Simon Owiti
           P.O. Box 1109 Grand Cayman KY1-1102
           Cayman Islands
           c/o Adam Fox
           Telephone: 949 7601


KTBEST TECHNOLOGY: Creditors' Proofs of Debt Due Sept. 3
--------------------------------------------------------
The creditors of KTBEST Technology, Inc. are required to file
their proofs of debt by Sept. 3, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 25, 2013.

The company's liquidator is:

           Chung, Chia-Pao
           No. 6, Technology Road 5
           HsinChu Science Park
           HsinChu, Taiwan 30078
           Telephone: +011 (886) 3578 2345
           Facsimile: +011 (886) 3577 3261
           No. 6, Technology Road 5
           HsinChu Science Park
           HsinChu, Taiwan 30078


MISTRAL INC: Creditors' Proofs of Debt Due Sept. 10
---------------------------------------------------
The creditors of Mistral Inc. are required to file their proofs of
debt by Sept. 10, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 29, 2013.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


NIAGARA CAYMAN: Creditors' Proofs of Debt Due Sept. 2
-----------------------------------------------------
The creditors of Niagara Cayman Holding Limited are required to
file their proofs of debt by Sept. 2, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 8, 2010.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant, Attorneys-at-Law
          36 A Dr. Roy's Drive
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


NIAGARA CAYMAN: Members' Final Meeting Set for Sept. 3
------------------------------------------------------
The members of Niagara Cayman Holding Limited will hold their
final meeting on Sept. 3, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 8, 2010.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant, Attorneys-at-Law
          36 A Dr. Roy's Drive
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


ONSLOW MACRO: Creditors' Proofs of Debt Due Sept. 3
---------------------------------------------------
The creditors of Onslow Macro Fund No. 2 Limited are required to
file their proofs of debt by Sept. 3, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 23, 2013.

The company's liquidator is:

           Gene Dacosta
           c/o Noel Webb
           Telephone: (345) 814 7394
           Facsimile: (345) 945 3902
           P.O. Box 2681 Grand Cayman KY1-1111
           Cayman Islands


SB MADAGASCAR: Creditors' Proofs of Debt Due Sept. 2
----------------------------------------------------
The creditors of SB Madagascar GP Ltd. are required to file their
proofs of debt by Sept. 2, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 23, 2013.

The company's liquidator is:

          Ogier
          Name:  Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


STG MANAGEMENT: Creditors' Proofs of Debt Due Sept. 11
------------------------------------------------------
The creditors of STG Management are required to file their proofs
of debt by Sept. 11, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 5, 2013.

The company's liquidator is:

           Intertrust SPV (Cayman) Limited
           190 Elgin Avenue, George Town
           Grand Cayman KY1-9005
           Cayman Islands
           c/o Kim Charaman/Jennifer Chailler
           Telephone: (345) 943 3100


VINTNERS LONDON: Creditors' Proofs of Debt Due Sept. 9
------------------------------------------------------
The creditors of Vintners London Investments (Nile) Limited are
required to file their proofs of debt by Sept. 9, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 25, 2013.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Mr. Barry MacManus
          Telephone +1 (345) 814 8997
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          PO Box 510 Grand Cayman KY1-1106
          Cayman Islands


WAM FIXED: Shareholder to Hear Wind-Up Report on Sept. 3
--------------------------------------------------------
The shareholder of WAM Fixed Income Total Return Fund will receive
on Sept. 3, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on July 29, 2013.

The company's liquidator is:

           Stuarts Walker Hersant
           Telephone: (345) 949 3344
           Facsimile: (345) 949 2888
           P.O. Box 2510 Grand Cayman KY1-1104
           Cayman Islands



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M E X I C O
===========


INVERSIONES ALSACIA: Instability Cues Moody's to Cut Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating on Inversiones
Alsacia to B2 from Ba3. At the same time, the rating is placed on
review for further downgrade. The downgrade reflects the project's
poor financial performance and increased instability as evidenced
by: a) failure to maintain a minimum Debt Service Coverage Ratio
of 1.1x, which could trigger Early Amortization, b) failure to
meet the required balance on the O&M account, which could trigger
an Event of Default, and c) draws on the debt service reserve fund
which has left the account underfunded, increasingly exposing the
transaction to a potential default.

The issuer is seeking a waiver from bondholders on the breached
covenants, which is expected to be obtained in the next few days.
The review for downgrade will focus on the ability of Alsacia to
successfully obtain this waiver and on updated cashflow
projections over the next six months. The rating review will be
concluded expeditiously.

Ratings Rationale:

The downgrade reflects a weaker credit quality of Inversiones
Alsacia stemming from a significantly lower than expected cash
flow generation net of costs. Increased revenue volatility as a
consequence of the 2012 concession amendment, decreased bus
passenger demand, and significantly larger than projected
maintenance and overhaul costs led to the deterioration of
Alsacia's key credit metrics and liquidity.

The poor performance caused Alsacia to breach two of its Indenture
covenants. First, Alsacia failed to maintain a minimum Debt
Service Coverage Ratio (DSCR) of 1.1x for the six-month period
ended July 31, which constitutes an Early Amortization Event. This
gives the bondholders the right to trigger an Early Amortization
Period, during which on every scheduled debt service payment date
the remaining cash flows after the coupon payment are used to pay
down debt. In addition, the issuer has not maintained balances in
the O&M accounts equal to the full amounts required by the
Indenture (two transfer periods, or approximately one month of
O&M), which also gives the bondholders the right to trigger an
Event of Default. Moody's understands that no Early Amortization
Period or Event of Default have been triggered by the bondholders.

The issuer is seeking a waiver from bondholders of the
applicability of an Early Amortization event for failure to
maintain a 1.1x DSCR for reporting periods ending on January 31st,
2015 and for any Events of Default associated with not funding the
O&M account through August 16, 2016. The waiver is expected within
the next weeks.

Alsacia is relying on the Debt Service Reserve Account (DSRA) and
compensations from the Government of Chile (Aa3/Stable)- through
the Ministry of Transportation and Telecommunications (MTT)- to
help make debt service payments. On February 18, 2013, the issuer
made the semi-annual debt service payment of US$47 million,
requiring draws from the DSRA in the amount of approximately US$14
million. For the next coupon payment, due August 18, 2013, Alsacia
will need to withdraw roughly US$9 million on the already
underfunded DSRA, leaving in the account balance at approximately
US$10 million, well below the target of US$50 million.

In order to meet the coupon payment due on February 2014 of US$50
million, Alsacia will likely rely on the compensation payment of
US$15 million from the MTT, which is scheduled for the end of
January 2014. This compensation for the amendment of the original
concession contract is subject to operational improvement, among
other conditions. If the conditions are not met the compensation
could be delayed exposing Alsacia to a default, especially if the
cash flows generated over the next six months continue to be lower
than expected and given the low balance of the DSRA.

Moody's does not expect upward pressure on the ratings in the near
term. Notwithstanding the review could conclude with the
confirmation of the rating if Inversiones Alsacia successfully
obtains the waiver from bondholders and the financial metrics are
in line with the assigned rating. If the waiver is not obtained as
expected or Moody's expects that the poor performance will
continue in the near to medium term, the review could conclude
with a further downgrade.

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.


===============
X X X X X X X X
===============


Large Companies With Insolvent Balance Sheets
---------------------------------------------


                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

  ARGENTINA
  ---------

SNIAFA SA-B            SDAGF US         11229696.2     -2670544.88
CENTRAL COSTAN-B       CRCBF US          355868838     -87473853.3
EDENOR-B               DNOR AR          1394532232     -3893195.32
EMP DISTRIB-ADR        EDN US           1394532232     -3893195.32
EMP DISTRIB-ADR        PWD1 GR          1394532232     -3893195.32
EDENOR-B US$           DNORD AR         1394532232     -3893195.32
EDENOR-B C/E           DNORC AR         1394532232     -3893195.32
EMPRESA DISTRI-A       0122196D AR      1394532232     -3893195.32
EMPRESA DISTRI-C       0122368D AR      1394532232     -3893195.32
ENDESA COSTAN-A        CECO1 AR          355868838     -87473853.3
ENDESA COSTAN-         CECO2 AR          355868838     -87473853.3
CENTRAL COST-BLK       CECOB AR          355868838     -87473853.3
ENDESA COSTAN-         CECOD AR          355868838     -87473853.3
ENDESA COSTAN-         CECOC AR          355868838     -87473853.3
ENDESA COSTAN-         EDCFF US          355868838     -87473853.3
CENTRAL COSTAN-C       CECO3 AR          355868838     -87473853.3
CENTRAL COST-ADR       CCSA LI           355868838     -87473853.3
ENDESA COST-ADR        CRCNY US          355868838     -87473853.3
CENTRAL COSTAN-B       CNRBF US          355868838     -87473853.3
SNIAFA SA              SNIA AR          11229696.2     -2670544.88
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.88
EDENOR-B               EDN AR           1394532232     -3893195.32
EDENOR-B               EDNC AR          1394532232     -3893195.32
EDENOR-B               EDND AR          1394532232     -3893195.32
IMPSAT FIBER NET       IMPTQ US          535007008       -17164978
IMPSAT FIBER NET       330902Q GR        535007008       -17164978
IMPSAT FIBER NET       XIMPT SM          535007008       -17164978
IMPSAT FIBER-CED       IMPT AR           535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR          535007008       -17164978
IMPSAT FIBER-$US       IMPTD AR          535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR          535007008       -17164978
PETROLERA DEL CO       PSUR AR          64304553.9     -1269120.56


  BRAZIL
  ------

FABRICA TECID-RT       FTRX1 BZ         66603693.6     -76419244.2
TEKA-ADR               TEKAY US          407967021      -392649052
BOMBRIL                BMBBF US          359985634     -12154088.6
TEKA                   TKTQF US          407967021      -392649052
TEKA-PREF              TKTPF US          407967021      -392649052
VULCABRAS-RIGHT        VULC1 BZ          656823700     -17327661.6
VULCABRAS-RIGHT        VULC2 BZ          656823700     -17327661.6
VULCABRAS-RECEIP       VULC9 BZ          656823700     -17327661.6
VULCABRAS-REC PR       VULC10 BZ         656823700     -17327661.6
BATTISTELLA-RIGH       BTTL1 BZ          158330518     -36518145.6
BATTISTELLA-RI P       BTTL2 BZ          158330518     -36518145.6
BATTISTELLA-RECE       BTTL9 BZ          158330518     -36518145.6
BATTISTELLA-RECP       BTTL10 BZ         158330518     -36518145.6
AGRENCO LTD-BDR        AGEN11 BZ         339244079      -561405855
REII INC               REIC US            14423532        -3506007
PET MANG-RIGHTS        3678565Q BZ       246810937      -224879124
PET MANG-RIGHTS        3678569Q BZ       246810937      -224879124
PET MANG-RECEIPT       0229292Q BZ       246810937      -224879124
PET MANG-RECEIPT       0229296Q BZ       246810937      -224879124
LUPATECH SA            LUPA3 BZ          754879275      -127862714
REDE EMP ENE ELE       ELCA4 BZ         1175265498     -62202546.7
REDE EMP ENE ELE       ELCA3 BZ         1175265498     -62202546.7
BOMBRIL HOLDING        FPXE3 BZ         19416015.8      -489914902
BOMBRIL                FPXE4 BZ         19416015.8      -489914902
SANESALTO              SNST3 BZ         24630103.9     -10366431.8
B&D FOOD CORP          BDFCE US           14423532        -3506007
BOMBRIL-RGTS PRE       BOBR2 BZ          359985634     -12154088.6
BOMBRIL-RIGHTS         BOBR1 BZ          359985634     -12154088.6
LAEP-BDR               MILK11 BZ         222902263      -255311019
AGRENCO LTD            AGRE LX           339244079      -561405855
LAEP INVESTMENTS       LEAP LX           222902263      -255311019
LUPATECH SA            LUPAF US          754879275      -127862714
REDE ENERG-UNIT        REDE11 BZ        1175265498     -62202546.7
CELGPAR                GPAR3 BZ          224346590     -1034483191
RECRUSUL - RT          4529781Q BZ      48003655.5     -18502124.9
RECRUSUL - RT          4529785Q BZ      48003655.5     -18502124.9
RECRUSUL - RCT         4529789Q BZ      48003655.5     -18502124.9
RECRUSUL - RCT         4529793Q BZ      48003655.5     -18502124.9
REDE ENER-RT           3907727Q BZ      1175265498     -62202546.7
REDE ENER-RCT          3907731Q BZ      1175265498     -62202546.7
RECRUSUL-BON RT        RCSL11 BZ        48003655.5     -18502124.9
RECRUSUL-BON RT        RCSL12 BZ        48003655.5     -18502124.9
BALADARE               BLDR3 BZ          159454016     -52992212.8
TEXTEIS RENAU-RT       TXRX1 BZ         97868151.6     -91899413.1
TEXTEIS RENAU-RT       TXRX2 BZ         97868151.6     -91899413.1
TEXTEIS RENA-RCT       TXRX9 BZ         97868151.6     -91899413.1
TEXTEIS RENA-RCT       TXRX10 BZ        97868151.6     -91899413.1
CIA PETROLIF-PRF       MRLM4 BZ          377602195     -3014291.72
CIA PETROLIFERA        MRLM3 BZ          377602195     -3014291.72
NOVA AMERICA SA        NOVA3 BZ           21287489      -183535527
NOVA AMERICA-PRF       NOVA4 BZ           21287489      -183535527
LUPATECH SA-RT         LUPA11 BZ         754879275      -127862714
ALL ORE MINERACA       AORE3 BZ         18737017.6     -11880129.6
B&D FOOD CORP          BDFC US            14423532        -3506007
LUPATECH SA-ADR        LUPAY US          754879275      -127862714
PET MANG-RT            4115360Q BZ       246810937      -224879124
PET MANG-RT            4115364Q BZ       246810937      -224879124
REDE ENER-RT           REDE1 BZ         1175265498     -62202546.7
REDE ENER-RCT          REDE9 BZ         1175265498     -62202546.7
REDE ENER-RT           REDE2 BZ         1175265498     -62202546.7
REDE ENER-RCT          REDE10 BZ        1175265498     -62202546.7
STEEL - RT             STLB1 BZ         18737017.6     -11880129.6
STEEL - RCT ORD        STLB9 BZ         18737017.6     -11880129.6
MINUPAR-RT             9314542Q BZ       136398462     -91947867.2
MINUPAR-RCT            9314634Q BZ       136398462     -91947867.2
PET MANG-RT            0229249Q BZ       246810937      -224879124
PET MANG-RT            0229268Q BZ       246810937      -224879124
RECRUSUL - RT          0163579D BZ      48003655.5     -18502124.9
RECRUSUL - RT          0163580D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0163582D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0163583D BZ      48003655.5     -18502124.9
PORTX OPERA-GDR        PXTPY US          976769403     -9407990.35
PORTX OPERACOES        PRTX3 BZ          976769403     -9407990.35
ALL ORE MINERACA       STLB3 BZ         18737017.6     -11880129.6
MINUPAR-RT             0599562D BZ       136398462     -91947867.2
MINUPAR-RCT            0599564D BZ       136398462     -91947867.2
PET MANG-RT            RPMG2 BZ          246810937      -224879124
PET MANG-RT            0848424D BZ       246810937      -224879124
PET MANG-RECEIPT       RPMG9 BZ          246810937      -224879124
PET MANG-RECEIPT       RPMG10 BZ         246810937      -224879124
LAEP INVESTMEN-B       0122427D LX       222902263      -255311019
LAEP INVES-BDR B       0163599D BZ       222902263      -255311019
RECRUSUL - RT          0614673D BZ      48003655.5     -18502124.9
RECRUSUL - RT          0614674D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0614675D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0614676D BZ      48003655.5     -18502124.9
TEKA-RTS               TEKA1 BZ          407967021      -392649052
TEKA-RTS               TEKA2 BZ          407967021      -392649052
TEKA-RCT               TEKA9 BZ          407967021      -392649052
TEKA-RCT               TEKA10 BZ         407967021      -392649052
LUPATECH SA-RTS        LUPA1 BZ          754879275      -127862714
LUPATECH SA -RCT       LUPA9 BZ          754879275      -127862714
MINUPAR-RTS            MNPR1 BZ          136398462     -91947867.2
MINUPAR-RCT            MNPR9 BZ          136398462     -91947867.2
RECRUSUL SA-RTS        RCSL1 BZ         48003655.5     -18502124.9
RECRUSUL SA-RTS        RCSL2 BZ         48003655.5     -18502124.9
RECRUSUL SA-RCT        RCSL9 BZ         48003655.5     -18502124.9
RECRUSUL - RCT         RCSL10 BZ        48003655.5     -18502124.9
PET MANG-RTS           RPMG1 BZ          246810937      -224879124
ARTHUR LANGE           ARLA3 BZ         11642255.9     -17154461.9
ARTHUR LANGE SA        ALICON BZ        11642255.9     -17154461.9
ARTHUR LANGE-PRF       ARLA4 BZ         11642255.9     -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ        11642255.9     -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ         11642255.9     -17154461.9
ARTHUR LANG-RT P       ARLA2 BZ         11642255.9     -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ         11642255.9     -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ        11642255.9     -17154461.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642255.9     -17154461.9
ARTHUR LAN-DVD P       ARLA12 BZ        11642255.9     -17154461.9
BOMBRIL                BOBR3 BZ          359985634     -12154088.6
BOMBRIL CIRIO SA       BOBRON BZ         359985634     -12154088.6
BOMBRIL-PREF           BOBR4 BZ          359985634     -12154088.6
BOMBRIL CIRIO-PF       BOBRPN BZ         359985634     -12154088.6
BOMBRIL SA-ADR         BMBPY US          359985634     -12154088.6
BOMBRIL SA-ADR         BMBBY US          359985634     -12154088.6
BUETTNER               BUET3 BZ          109743344     -29812083.5
BUETTNER SA            BUETON BZ         109743344     -29812083.5
BUETTNER-PREF          BUET4 BZ          109743344     -29812083.5
BUETTNER SA-PRF        BUETPN BZ         109743344     -29812083.5
BUETTNER SA-RTS        BUET1 BZ          109743344     -29812083.5
BUETTNER SA-RT P       BUET2 BZ          109743344     -29812083.5
CAF BRASILIA           CAFE3 BZ          160938140      -149281089
CAFE BRASILIA SA       CSBRON BZ         160938140      -149281089
CAF BRASILIA-PRF       CAFE4 BZ          160938140      -149281089
CAFE BRASILIA-PR       CSBRPN BZ         160938140      -149281089
REDE ENERGIA SA        REDE3 BZ         1175265498     -62202546.7
CAIUA SA               ELCON BZ         1175265498     -62202546.7
REDE EMPRESAS-PR       REDE4 BZ         1175265498     -62202546.7
CAIUA SA-PREF          ELCPN BZ         1175265498     -62202546.7
CAIUA SA-PRF B         ELCA6 BZ         1175265498     -62202546.7
CAIUA SA-PRF B         ELCBN BZ         1175265498     -62202546.7
CAIUA SA-RTS           ELCA2 BZ         1175265498     -62202546.7
CAIUA SA-DVD CMN       ELCA11 BZ        1175265498     -62202546.7
CAIUA SA-RCT PRF       ELCA10 BZ        1175265498     -62202546.7
CAIUA SA-DVD COM       ELCA12 BZ        1175265498     -62202546.7
CAIUA ELEC-C RT        ELCA1 BZ         1175265498     -62202546.7
CAIUA SA-PRF A         ELCAN BZ         1175265498     -62202546.7
CAIUA SA-PRF A         ELCA5 BZ         1175265498     -62202546.7
CAIVA SERV DE EL       1315Z BZ         1175265498     -62202546.7
CHIARELLI SA           CCHI3 BZ         10063296.6       -79357620
CHIARELLI SA           CCHON BZ         10063296.6       -79357620
CHIARELLI SA-PRF       CCHI4 BZ         10063296.6       -79357620
CHIARELLI SA-PRF       CCHPN BZ         10063296.6       -79357620
IGUACU CAFE            IGUA3 BZ          241713948     -76084456.4
IGUACU CAFE            IGCSON BZ         241713948     -76084456.4
IGUACU CAFE            IGUCF US          241713948     -76084456.4
IGUACU CAFE-PR A       IGUA5 BZ          241713948     -76084456.4
IGUACU CAFE-PR A       IGCSAN BZ         241713948     -76084456.4
IGUACU CAFE-PR A       IGUAF US          241713948     -76084456.4
IGUACU CAFE-PR B       IGUA6 BZ          241713948     -76084456.4
IGUACU CAFE-PR B       IGCSBN BZ         241713948     -76084456.4
SCHLOSSER              SCLO3 BZ         57116502.2     -55719508.9
SCHLOSSER SA           SCHON BZ         57116502.2     -55719508.9
SCHLOSSER-PREF         SCLO4 BZ         57116502.2     -55719508.9
SCHLOSSER SA-PRF       SCHPN BZ         57116502.2     -55719508.9
COBRASMA               CBMA3 BZ         83714759.4     -2293331419
COBRASMA SA            COBRON BZ        83714759.4     -2293331419
COBRASMA-PREF          CBMA4 BZ         83714759.4     -2293331419
COBRASMA SA-PREF       COBRPN BZ        83714759.4     -2293331419
D H B                  DHBI3 BZ          110495982      -162541773
DHB IND E COM          DHBON BZ          110495982      -162541773
D H B-PREF             DHBI4 BZ          110495982      -162541773
DHB IND E COM-PR       DHBPN BZ          110495982      -162541773
DOCA INVESTIMENT       DOCA3 BZ          273120342      -211736207
DOCAS SA               DOCAON BZ         273120342      -211736207
DOCA INVESTI-PFD       DOCA4 BZ          273120342      -211736207
DOCAS SA-PREF          DOCAPN BZ         273120342      -211736207
DOCAS SA-RTS PRF       DOCA2 BZ          273120342      -211736207
FABRICA RENAUX         FTRX3 BZ         66603693.6     -76419244.2
FABRICA RENAUX         FRNXON BZ        66603693.6     -76419244.2
FABRICA RENAUX-P       FTRX4 BZ         66603693.6     -76419244.2
FABRICA RENAUX-P       FRNXPN BZ        66603693.6     -76419244.2
HAGA                   HAGA3 BZ         19421487.9     -46077943.1
FERRAGENS HAGA         HAGAON BZ        19421487.9     -46077943.1
FER HAGA-PREF          HAGA4 BZ         19421487.9     -46077943.1
FERRAGENS HAGA-P       HAGAPN BZ        19421487.9     -46077943.1
CIMOB PARTIC SA        GAFP3 BZ         44047411.7     -45669963.6
CIMOB PARTIC SA        GAFON BZ         44047411.7     -45669963.6
CIMOB PART-PREF        GAFP4 BZ         44047411.7     -45669963.6
CIMOB PART-PREF        GAFPN BZ         44047411.7     -45669963.6
IGB ELETRONICA         IGBR3 BZ          363687063     -27195507.3
GRADIENTE ELETR        IGBON BZ          363687063     -27195507.3
GRADIENTE-PREF A       IGBR5 BZ          363687063     -27195507.3
GRADIENTE EL-PRA       IGBAN BZ          363687063     -27195507.3
GRADIENTE-PREF B       IGBR6 BZ          363687063     -27195507.3
GRADIENTE EL-PRB       IGBBN BZ          363687063     -27195507.3
GRADIENTE-PREF C       IGBR7 BZ          363687063     -27195507.3
GRADIENTE EL-PRC       IGBCN BZ          363687063     -27195507.3
HOTEIS OTHON SA        HOOT3 BZ          253308748     -83119368.3
HOTEIS OTHON SA        HOTHON BZ         253308748     -83119368.3
HOTEIS OTHON-PRF       HOOT4 BZ          253308748     -83119368.3
HOTEIS OTHON-PRF       HOTHPN BZ         253308748     -83119368.3
RENAUXVIEW SA          TXRX3 BZ         97868151.6     -91899413.1
TEXTEIS RENAUX         RENXON BZ        97868151.6     -91899413.1
RENAUXVIEW SA-PF       TXRX4 BZ         97868151.6     -91899413.1
TEXTEIS RENAUX         RENXPN BZ        97868151.6     -91899413.1
PARMALAT               LCSA3 BZ          388720096      -213641152
PARMALAT BRASIL        LCSAON BZ         388720096      -213641152
PADMA INDUSTRIA        LCSA4 BZ          388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ         388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ          388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ          388720096      -213641152
ESTRELA SA             ESTR3 BZ         72008697.6      -116219949
ESTRELA SA             ESTRON BZ        72008697.6      -116219949
ESTRELA SA-PREF        ESTR4 BZ         72008697.6      -116219949
ESTRELA SA-PREF        ESTRPN BZ        72008697.6      -116219949
WETZEL SA              MWET3 BZ          102020563     -6073582.74
WETZEL SA              MWELON BZ         102020563     -6073582.74
WETZEL SA-PREF         MWET4 BZ          102020563     -6073582.74
WETZEL SA-PREF         MWELPN BZ         102020563     -6073582.74
MINUPAR                MNPR3 BZ          136398462     -91947867.2
MINUPAR SA             MNPRON BZ         136398462     -91947867.2
MINUPAR-PREF           MNPR4 BZ          136398462     -91947867.2
MINUPAR SA-PREF        MNPRPN BZ         136398462     -91947867.2
NORDON MET             NORD3 BZ         12386508.7     -33450200.1
NORDON METAL           NORDON BZ        12386508.7     -33450200.1
NORDON MET-RTS         NORD1 BZ         12386508.7     -33450200.1
NOVA AMERICA SA        NOVA3B BZ          21287489      -183535527
NOVA AMERICA SA        NOVAON BZ          21287489      -183535527
NOVA AMERICA-PRF       NOVA4B BZ          21287489      -183535527
NOVA AMERICA-PRF       NOVAPN BZ          21287489      -183535527
NOVA AMERICA-PRF       1NOVPN BZ          21287489      -183535527
NOVA AMERICA SA        1NOVON BZ          21287489      -183535527
RECRUSUL               RCSL3 BZ         48003655.5     -18502124.9
RECRUSUL SA            RESLON BZ        48003655.5     -18502124.9
RECRUSUL-PREF          RCSL4 BZ         48003655.5     -18502124.9
RECRUSUL SA-PREF       RESLPN BZ        48003655.5     -18502124.9
PETRO MANGUINHOS       RPMG3 BZ          246810937      -224879124
PETRO MANGUINHOS       MANGON BZ         246810937      -224879124
PET MANGUINH-PRF       RPMG4 BZ          246810937      -224879124
PETRO MANGUIN-PF       MANGPN BZ         246810937      -224879124
RIMET                  REEM3 BZ          103098361      -185417655
RIMET                  REEMON BZ         103098361      -185417655
RIMET-PREF             REEM4 BZ          103098361      -185417655
RIMET-PREF             REEMPN BZ         103098361      -185417655
SANSUY                 SNSY3 BZ          192536335      -145445052
SANSUY SA              SNSYON BZ         192536335      -145445052
SANSUY-PREF A          SNSY5 BZ          192536335      -145445052
SANSUY SA-PREF A       SNSYAN BZ         192536335      -145445052
SANSUY-PREF B          SNSY6 BZ          192536335      -145445052
SANSUY SA-PREF B       SNSYBN BZ         192536335      -145445052
BOTUCATU TEXTIL        STRP3 BZ         27663604.9     -7174512.03
STAROUP SA             STARON BZ        27663604.9     -7174512.03
BOTUCATU-PREF          STRP4 BZ         27663604.9     -7174512.03
STAROUP SA-PREF        STARPN BZ        27663604.9     -7174512.03
TEKA                   TEKA3 BZ          407967021      -392649052
TEKA                   TEKAON BZ         407967021      -392649052
TEKA-PREF              TEKA4 BZ          407967021      -392649052
TEKA-PREF              TEKAPN BZ         407967021      -392649052
TEKA-ADR               TKTPY US          407967021      -392649052
TEKA-ADR               TKTQY US          407967021      -392649052
F GUIMARAES            FGUI3 BZ         11016542.1      -151840377
FERREIRA GUIMARA       FGUION BZ        11016542.1      -151840377
F GUIMARAES-PREF       FGUI4 BZ         11016542.1      -151840377
FERREIRA GUIM-PR       FGUIPN BZ        11016542.1      -151840377
VARIG SA               VAGV3 BZ          966298048     -4695211008
VARIG SA               VARGON BZ         966298048     -4695211008
VARIG SA-PREF          VAGV4 BZ          966298048     -4695211008
VARIG SA-PREF          VARGPN BZ         966298048     -4695211008
VULCABRAS AZALEI       VULC3 BZ          656823700     -17327661.6
VULCABRAS SA           VULCON BZ         656823700     -17327661.6
VULCABRAS AZ-PRF       VULC4 BZ          656823700     -17327661.6
VULCABRAS SA-PRF       VULCPN BZ         656823700     -17327661.6
VULCABRAS-RT PRF       VULC11 BZ         656823700     -17327661.6
LOJAS ARAPUA           LOAR3 BZ         60020270.1     -3542047972
LOJAS ARAPUA           LOARON BZ        60020270.1     -3542047972
LOJAS ARAPUA-PRF       LOAR4 BZ         60020270.1     -3542047972
LOJAS ARAPUA-PRF       LOARPN BZ        60020270.1     -3542047972
LOJAS ARAPUA-PRF       52353Z US        60020270.1     -3542047972
LOJAS ARAPUA-GDR       3429T US         60020270.1     -3542047972
LOJAS ARAPUA-GDR       LJPSF US         60020270.1     -3542047972
BATTISTELLA            BTTL3 BZ          158330518     -36518145.6
BATTISTELLA-PREF       BTTL4 BZ          158330518     -36518145.6
SAUIPE SA              PSEGON BZ          23615862     -840174.001
SAUIPE                 PSEG3 BZ           23615862     -840174.001
SAUIPE SA-PREF         PSEGPN BZ          23615862     -840174.001
SAUIPE-PREF            PSEG4 BZ           23615862     -840174.001
CIA PETROLIFERA        MRLM3B BZ         377602195     -3014291.72
CIA PETROLIF-PRF       MRLM4B BZ         377602195     -3014291.72
CIA PETROLIFERA        1CPMON BZ         377602195     -3014291.72
CIA PETROLIF-PRF       1CPMPN BZ         377602195     -3014291.72
LATTENO FOOD COR       LATF US            14423532        -3506007
VARIG PART EM TR       VPTA3 BZ         49432124.2      -399290396
VARIG PART EM-PR       VPTA4 BZ         49432124.2      -399290396
VARIG PART EM SE       VPSC3 BZ         83017828.6      -495721700
VARIG PART EM-PR       VPSC4 BZ         83017828.6      -495721700

  COLOMBIA
  --------

PUYEHUE RIGHT          PUYEHUOS CI        25722049     -4310587.75
PUYEHUE                PUYEH CI           25722049     -4310587.75

                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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